Joint Venture

9 Months Ended

Oct. 31, 2025

10. Joint Venture

Joint Venture

In February 2021, the Company along with Sequoia CBC Junyuan (Hubei) Equity Investment Partnership (Limited Partnership) and Suzhou Gaocheng Xinjian Equity Investment Fund Partnership (Limited Partnership) executed an investment agreement (the “Investment Agreement”) to establish GitLab Information Technology (Hubei) Co., LTD (“JiHu”), a legal entity in the People’s Republic of China. The Company accounted for JiHu as a variable interest entity and consolidated the entity in accordance with ASC Topic 810, Consolidation. As of October 31, 2025 and 2024, the Company retains control over JiHu with its equity stake at approximately 54% for each period presented.

Since fiscal year 2023, JiHu has maintained an employee stock option plan (“JiHu 2022 ESOP”) for its employees. In June 2024 and June 2025, the board of directors of JiHu approved new employee stock option plans (“JiHu 2024 ESOP” and “JiHu 2025 ESOP”, respectively) for its employees in order to grant additional shares. The fair value of restricted stock awards (“RSAs”) and stock option awards is measured on the date of grant and compensation costs related to these awards are recognized on a graded attribution method; as the grants include a performance condition for the JiHu 2022 ESOP, JiHu 2024 ESOP, and JiHu 2025 ESOP (“JiHu ESOPs”).

During the three and nine months ended October 31, 2025, the Company recorded $0.7 million and $1.4 million of stock-based compensation expense, respectively. During the three and nine months ended

October 31, 2024, the Company recorded $1.0 million stock-based compensation expense and $0.8 million stock-based compensation net expense (net of forfeitures), respectively.

As of October 31, 2025, approximately $4.2 million of total unrecognized compensation cost was related to the JiHu ESOPs that is expected to be recognized over a weighted-average period of 2.6 years.

Selected Financial Information

Selected financial information of JiHu, post intercompany eliminations, is as follows (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024

Revenue	$	2,312	$	1,900	$	6,371	$	5,321
Cost of revenue	450		523		1,384		1,542
Gross profit	1,862		1,377		4,987		3,779
Operating expenses:
Sales and marketing	1,712		1,805		4,684		4,850
Research and development	473		603		749		970
General and administrative	1,334		1,616		4,258		3,362
Total operating expenses	3,519		4,024		9,691		9,182
Loss from operations	(1,657)		(2,647)		(4,704)		(5,403)
Interest income	137		168		457		625
Other income (expense), net	387		(342)		568		(36)
Net loss before income taxes	(1,133)		(2,821)		(3,679)		(4,814)
Provision for income taxes	—		—		3		—
Net loss	$	(1,133)	$	(2,821)	$	(3,682)	$	(4,814)

Net loss attributable to noncontrolling interest	$	(521)	$	(1,298)	$	(1,692)	$	(2,216)


	October 31, 2025		January 31, 2025

Cash and cash equivalents	$	37,386	$	37,991
Property and equipment, net	536		322

Other assets	3,644		8,185
Total assets	$	41,566	$	46,498

Total liabilities	$	7,234	$	10,278